Leadis Technology Reports Fourth Quarter 2006 Financial Results and Announces Stock Repurchase Program


                             LEADIS TECHNOLOGY, INC.
                      CONDENSED CONSOLIDATED BALANCE SHEETS
                                   (Unaudited)
                                  (In thousands)

                                             Dec. 31,    Sep. 30,    Dec. 31,
                                               2006        2006        2005
                                           -----------------------------------

    ASSETS
    Current assets:
       Cash and cash equivalents              $62,697     $64,615     $72,801
       Short-term investments                  43,845      38,446      34,077
       Accounts receivable, net                17,399      18,900      14,775
       Inventory                                7,024       7,137      13,075
       Prepaid expenses and other current
        assets                                  4,498       3,758       4,693
                                           -----------------------------------
          Total current assets                135,463     132,856     139,421
    Property and equipment, net                 4,160       3,684       3,505
    Other assets                                1,106       1,655         988
                                           -----------------------------------
          Total assets                       $140,729    $138,195    $143,914
                                           ===================================

    LIABILITIES AND STOCKHOLDERS' EQUITY
    Current liabilities:
       Accounts payable                       $19,623     $14,865     $17,781
       Accrued liabilities                      3,796       4,046       2,932
       Taxes payable                            2,342       2,724       2,330
       Other current liabilities                  392         195         338
                                           -----------------------------------
          Total current liabilities            26,153      21,830      23,381
    Noncurrent liabilities                        539         802         718
                                           -----------------------------------
          Total liabilities                    26,692      22,632      24,099
    Stockholders' equity:
       Common stock and additional paid-in
        capital                               109,110     107,563     104,173
       Deferred stock-based compensation            -           -      (1,196)
       Retained earnings                        4,927       8,000      16,838
                                           -----------------------------------
          Total stockholders' equity          114,037     115,563     119,815
                                           -----------------------------------
                   Total  liabilities  and
                      stockholders'  equity                            $140,729        $138,195        $143,914
                                                                                      ===================================


                                                          LEADIS  TECHNOLOGY,  INC.
                                  CONDENSED  CONSOLIDATED  STATEMENTS  OF  OPERATIONS
                                                                      (Unaudited)
                                          (In  thousands,  except  per  share  amounts)

                                                                      Three  Months  Ended                    Year  Ended
                                                              -----------------------------------------------
                                                                Dec.  31,  Sep.  30,  Dec.  31,    Dec.  31,    Dec.  31,
                                                                    2006          2006          2005            2006            2005
                                                              -----------------------------------------------

        Revenue                                          $23,903    $22,312    $21,455    $101,208      $64,182

        Cost  of  sales  (1)                        20,820      19,443      18,313        88,506        50,197
                                                              -----------------------------------------------
            Gross  profit                                3,083        2,869        3,142        12,702        13,985

        Research  and  development
          expenses  (1)                                  2,970        3,797        3,408        13,796        14,522
        Selling,  general  and
          administrative  expenses(1)      3,946        3,316        3,731        14,785        12,766
                                                              -----------------------------------------------
            Total  operating  expenses        6,916        7,113        7,139        28,581        27,288
                                                              -----------------------------------------------

        Operating  loss                              (3,833)    (4,244)    (3,997)    (15,879)    (13,303)
        Interest  and  other  income,
          net                                                    1,308        1,126            825          4,349          2,718
                                                              -----------------------------------------------
        Loss  before  provision
          (benefit)  for  income  taxes    (2,525)    (3,118)    (3,172)    (11,530)    (10,585)
        Provision  (benefit)  for
          income  taxes                                      548          (296)          475              523              765
                                                              -----------------------------------------------
        Loss  before  cumulative
          effect  of  change  in
          accounting  principle                (3,073)    (2,822)    (3,647)    (12,053)    (11,350)

        Cumulative  effect  of  change
          in  accounting  principle                -                -                -                  142              -
            Net  loss                                    $(3,073)  $(2,822)  $(3,647)  $(11,911)  $(11,350)
                                                              ===============================================

        Basic  and  diluted  net  loss
          per  share:
            Prior  to  cumulative
              effect  of  change  in
              accounting  principle            $(0.11)    $(0.10)    $(0.13)      $(0.42)      $(0.40)
            Cumulative  effect  of
              change  in  accounting
              principle                                        -                -                -                0.01              -
                                                              -----------------------------------------------
        Basic  and  diluted  net  loss
          per  share                                      $(0.11)    $(0.10)    $(0.13)      $(0.41)      $(0.40)
                                                              ===============================================

        Shares  used  in  computing
          basic  and  diluted  per
          share  amounts                              29,187      28,935      28,297        28,802        28,143
                                                              ===============================================

        Note:
        (1)  Includes  stock-based
          compensation,  as  follows:

                                                                      Three  Months  Ended                    Year  Ended
                                                              -----------------------------------------------
                                                                  Dec.  31,  Sep.  30,  Dec.  31,    Dec.  31,  Dec.  31,
                                                                      2006          2006          2005            2006          2005
                                                              -----------------------------------------------
                                                                (FAS123R)  (FAS123R)  (APB25)  (FAS123R)    (APB25)
            Cost  of  sales                                  $48          $116            $16            $417              $97
            Research  and  development
              expenses                                          219            258            123          1,017              794
            Selling,  general  and
              administrative  expenses            801            864            235          3,232          1,211


                                                      LEADIS  TECHNOLOGY,  INC.
                              SUPPLEMENTAL  RECONCILIATIONS  OF  GAAP  TO  NON-GAAP
                                                                      RESULTS
                                                                  (Unaudited)
                                      (In  thousands,  except  per  share  amounts)

                                                                      Three  Months  Ended                    Year  Ended
                                                              -----------------------------------------------
                                                                Dec.  31,  Sep.  30,  Dec.  31,    Dec.  31,    Dec.  31,
                                                                    2006          2006          2005            2006            2005
                                                              -----------------------------------------------

        A.GAAP  net  loss                          $(3,073)  $(2,822)  $(3,647)  $(11,911)  $(11,350)
                Adjustment  for  stock-
                  based  compensation
                  within:
                    Cost  of  sales                            48            116              16              417                97
                    Research  and
                      development  expenses          219            258            123          1,017              794
                    Selling,  general  and
                      administrative
                      expenses                                  801            864            235          3,232          1,211
                    Provision  for  income
                      taxes                                        505          (156)          -                  -                  -
                    Cumulative  effect  of
                      change  in  accounting
                      principle                                -                -                -                (142)            -
                                                              -----------------------------------------------
            Net  loss  excluding  stock-
              based  compensation              $(1,500)  $(1,740)  $(3,273)    $(7,387)    $(9,248)

        B.GAAP  basic  and  diluted
              net  loss  per  share                $(0.11)    $(0.10)    $(0.13)      $(0.41)      $(0.40)
                Adjustment  for  stock-
                  based  compensation                0.06          0.04          0.01            0.15            0.07
                                                              -----------------------------------------------
            Basic  and  diluted  net
              loss  per  share  excluding
              stock-based  compensation    $(0.05)    $(0.06)    $(0.12)      $(0.26)      $(0.33)

        C.GAAP  Gross  Margin                      12.9%        12.9%        14.6%          12.6%          21.8%
                Adjustment  for  stock-
                  based  compensation                0.2%          0.5%          0.1%            0.4%            0.2%
                                                              -----------------------------------------------
            Gross  Margin  excluding
              stock-based  compensation      13.1%        13.4%        14.7%          13.0%          22.0%

        D.GAAP  operating  expenses        $6,916      $7,113      $7,139      $28,581      $27,288
                Adjustment  for  stock-
                  based  compensation
                  within:
                    Research  and
                      development  expenses        (219)        (258)        (123)      (1,017)          (794)
                    Selling,  general  and
                      administrative
                      expenses                                (801)        (864)        (235)      (3,232)      (1,211)
                                                              -----------------------------------------------
            Operating  expenses
              excluding  stock-based
              compensation                            $5,896      $5,991      $6,781      $24,332      $25,283

(LDISG)


 

Web site: http://www.leadis.com//



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